Commercial real estate groups have been
meeting with members of Congress, the Federal Reserve, the Treasury,
the Federal Deposit Insurance Corporation as well as Mr. Obama’s
transition team, to press their case. And they say they have a
compelling one.

[T]his is really about property investors who bought
commercial buildings at the price peak and are now underwater. But say
the owners default and the properties are transferred to the
bondholders - what is the risk to the economy? None.